In Time for Buying Season, Rates Reach Yearly
Lows

The 30-year fixed-rate mortgage, a
popular choice among buyers, sank even lower this week, matching its yearly low
of 4.71 percent from January, reports Freddie Mac in its weekly mortgage market
survey. Last year at this time, the 30-year fixed-rate mortgage averaged 5
percent.

Meanwhile, the 15-year
fixed-rate hit a new yearly low of 3.89 percent this week. Last week, the
15-year fixed-rate mortgage averaged 3.97 percent. The 15-year rate averaged
4.36 percent last year at this time. It reached its lowest level on record in
November when it averaged 3.57 percent
.

The one-year adjustable-rate
mortgage averaged 3.14 percent, down from last week’s 3.15 percent. Last year at
this time, it averaged 4.07 percent.

“Weaker economic data reports reduced Treasury bond yields and
allowed mortgage rates to drift lower for the third consecutive week,” says
Frank Nothaft, Freddie Mac’s chief
economist.

Source: “30-Year Fixed-Rate Mortgage Matches
Yearly Low of 4.71 Percent,”
Freddie
Mac (May 5, 2011)

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